Kid-tracker Jiobit acquired by Life360 in deal worth up to $52.5 million
Jiobit, a tracking device startup company in Chicago, is being acquired by an on-site software company valued at up to $ 54.5 million. Life360, a San Francisco-based company best known for its smartphone app that parents use to keep an eye on their children, has reached an agreement to sell hardware maker Jiobit for $ 37 million in stock and debt to acquire. The amount could climb to around $ 55 million if Jiobit hits certain performance goals within two years. "We have long wanted to expand beyond the smartphone to wearable devices and Jiobit is the market-leading device for pets, younger children and seniors," said Chris Hulls, CEO of Life360, in a statement. "With Jiobit, Life360 would be the market leader in hardware and software products for families." Jiobit was founded in 2015 by former Motorola executive John Renaldi after temporarily losing track of his son while visiting Maggie Daley Park. A tracker has been launched using wireless networks that c